- Statutory Instrument 2004 No. 1140
The Occupational Pension Schemes (Winding Up) (Amendment) Regulations 2004
© Crown Copyright 2004
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Occupational Pension Schemes (Winding Up) (Amendment) Regulations 2004, ISBN 0110491904. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail: customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| Made | 15th April 2004 | ||
| Laid before Parliament | 19th April 2004 | ||
| Coming into force | 10th May 2004 |
The Secretary of State for Work and Pensions, in exercise of the powers conferred upon him by sections 97(1), 181(1) and 182(2) of the Pension Schemes Act 1993[1], and sections 73(7), 124(1), and (3E) and 174(2) of the Pensions Act 1995[2], and all other powers enabling him in that behalf, having consulted with such persons as he considered appropriate[3], hereby makes the following Regulations:
Citation, commencement, interpretation and application
1. - (1) These Regulations may be cited as the Occupational Pension Schemes (Winding Up) (Amendment) Regulations 2004 and shall come into force on 10th May 2004.
(2) In these Regulations -
-
(a) "the 1996 Regulations" means the Occupational Pension Schemes (Winding Up) Regulations 1996[4];
(b) "the transitional period" has the meaning given in regulation 3(2) of the 1996 Regulations;
(c) the time when a scheme begins to be wound up shall be determined in accordance with regulation 2 of the 1996 Regulations.
(3) The revocations made by regulation 2 and the amendments of the 1996 Regulations made by regulation 3 of these Regulations have effect only in relation to occupational pension schemes which begin to be wound up on or after the date on which these Regulations come into force and before the end of the transitional period.
Revocations
2.
In relation to such schemes as are mentioned in regulation 1(3) -
-
(a) regulation 3(5) of the 1996 Regulations is hereby revoked;
(b) regulation 3(3) of the Pension Sharing (Consequential and Miscellaneous) Amendments Regulations 2000 is hereby revoked;
and accordingly section 73(3)(c) of the Pensions Act 1995 has effect as amended only by section 38(1) of the Welfare Reform and Pensions Act 1999[5].
Amendment of the 1996 Regulations
3.
In relation to such schemes as are mentioned in regulation 1(3), regulation 3 of the 1996 Regulations (modifications of section 73(3) of the Pensions Act 1995) is amended as follows -
-
(a) by substituting for paragraph (1)(b) -
-
"
(b) in the case of a scheme which begins to be wound up on or after 10 May 2004 and before the expiry of the transitional period, subject to the modifications in paragraphs (5A) to (6).";
(b) by inserting the following paragraphs after paragraph (4) -
-
"
(5A) In paragraph (d) of section 73(3), for "(b) and (c)" there shall be substituted "(aa) and (b)."
(5B) After that paragraph there is inserted -
-
"
(e) any liability for increases to pensions referred to in paragraph (c).".";
(c) by substituting for paragraph (6) -
-
"
(6) In the words following paragraph (e) of section 73(3) as inserted by paragraph (5B) for the words "paragraphs (b) to (d)" there shall be substituted the words "paragraphs (aa) to (e)".";
-
(d) by substituting for paragraph (8) -
-
"
(8) In the case of any scheme to which section 73(3) applies with the modifications mentioned in paragraphs (5A) to (6), regulation 7(3)(b)(iv) of the Occupational Pension Schemes (Transfer Values) Regulations 1996[6], has effect with the substitution for "(d)" of "(e)".".
Signed by authority of the Secretary of State for Work and Pensions.
Malcolm Wicks
Minister of State, Department for Work and Pensions
15th April 2004
(This note is not part of the Regulations)
These Regulations make certain revocations and amend regulation 3 of the Occupational Pension Schemes (Winding Up) Regulations 1996 ("the 1996 Regulations"), in relation to salary-related occupational pension schemes which begin to be wound up on or after the date on which these Regulations come into force ("the commencement date") and before the end of the transitional period, which is defined in the 1996 Regulations.
Regulation 3 of the 1996 Regulations modifies section 73(3) of the Pensions Act 1995, which sets out the priority order in which the assets of a scheme are to be applied when it is wound up towards satisfying the liabilities in respect of pensions and other benefits.
Regulation 1 provides for citation, commencement and interpretation of the Regulations. It provides that the changes made by the Regulations will have effect only in relation to schemes which begin to be wound up after the commencement date and before the end of the transitional period.
In relation to schemes which begin to be wound up on or after the commencement date and before the end of the transitional period, regulation 2 revokes regulation 3(5) of the 1996 Regulations. Regulation 2 also revokes regulation 3(3) of the Pension Sharing (Consequential and Miscellaneous Amendments) Regulations 2000 (S.I. 2000/2691) which amended regulation 3(5) of the 1996 Regulations.
Regulation 3 amends regulation 3 of the 1996 Regulations. Paragraph (a) makes the changes to the priority order apply to schemes which begin to be wound up on or after the commencement date and before the end of the transitional period. Paragraph (b) sets out the changes to the priority order. Paragraphs (c) and (d) make consequential amendments.
A full regulatory impact assessment has not been produced for this instrument as it has no impact on the cost of business.
Notes:
[1] 1993 c. 48. Section 181(1) is cited because of the meaning there given to 'prescribe' and 'regulations'.back
[2] 1995 c. 26. Section 124(1) is cited because of the meaning there given to 'prescribed' and 'regulations'. Section 124(3E) was inserted by section 49(2) of the Child Support, Pensions and Social Security Act 2000 (c. 19).back
[3] See section 120(1) of the Pensions Act 1995.back
[4] S.I. 1996/3126. Relevant amending instruments are S.I. 1999/3198 and S.I. 2000/2691.back
[6] S.I. 1996/1847. Relevant amending instrument is S.I. 1997/786.back
ISBN 0 11 049190 4